All this week, I will be posting on my blog about things that you can do RIGHT NOW to get started and to make a real difference in your life. It’s one thing to talk about buying rental houses and having a comfortable retirement, but it’s another thing altogether to take a hard look in the mirror and acknowledge the little changes that you need to make in order to get there.
But don’t be scared. You CAN reach the level of success you want. But don’t postpone taking action any more. This week, I am going to give you some concrete steps that you can take TODAY to get yourself on the path to success.
Step #1: Decide your endgame.
Yogi Berra once said: “If you don’t know where you are going, you’ll end up someplace else.” You need a defined destination, otherwise you’ll have no way of tracking progress and correction your course along the way. That’s why Step #1 is deciding where you want to end up. What do I mean by that? Let me explain.
How much money will you need coming in per month to live your ideal lifestyle? I’m talking living expenses, travel, hobbies, charity, the whole works. $5,000 per month? $10,000 per month? $20,000 per month? Find that number, and in doing so you will have decided what your endgame is. You will have defined your destination. All that’s left is building one Forever Cash asset after another until you get there.
But you need to be specific with your goal and avoid saying something like “I want to be rich”. That’s like an obese person saying “I want to lose weight”. Heck, getting their hair cut is technically losing weight, but that’s probably not what the obese person had in mind. Don’t fall into the trap of having a nebulous goal. Otherwise you won’t be able to see the progress you’ve made towards reaching it and you might get discouraged.
Let’s review: Step #1 that you can do TODAY to get going is: Decide your Endgame and set a monthly cash flow goal. Doings so will give you something to work towards and a way to measure your progress.